Tuesday, November 21, 2006
Co-Op follows Abbey in offering 5x income multiples
Co-op offers five times mortgages
The Co-operative Bank has become the latest mortgage lender to offer loans that are calculated at up to five times a customer's income. At the beginning of November the Abbey, the country's second largest lender, attracted widespread attention for a similar deal. The Co-op said it was stretching its lending criteria so borrowers could keep up with rising house prices. It said the offer was aimed at people with stable jobs and incomes.
Posted by jellycaster @ 05:50 PM (458 views)
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Ilejustwait says:
more to the truth is lenders will make more money with a longer mortgage term